Any group of people who, as individuals or as organizations, have needs for products in a product class and who have the ability, willingness, and authority to buy such products is a(n)

a) business market.

b) market.

c) undifferentiated market

d) segmented market

Answer: e) market variable

Company and brand positioning should be summed up in a ________.

A) mission statement

B) vision statement

C) profit statement

D) positioning statement

E) corporate statement

Answer: D) positioning statement

Zeal is a popular automobile brand, and its positioning statement reads as follows: "For upscale American families who require large vehicles, Zeal is the automobile of choice." Which of the following mandatory elements is missing from the positioning statement?

A) point of difference

B) target audience

C) brand name

D) product category

E) need

Answer: A) point of difference

Which of the following includes the target segment of a product, the category to which the product belongs, and the product's point of difference from other members in the category?

A) mission statement

B) vision statement

C) profit statement

D) positioning statement

E) inventory statement

Answer: D) positioning statement

Household Storez, a local retail store, claims to offer better products at lower prices than other retail stores. In this case, the firm's positioning reflects a ________ value proposition.

A) more-for-the same

B) more-for-less

C) same-for-less

D) more-for-more

E) same-for-more

Answer: B) more-for-less

Which of the following strategies is most likely to be followed by firms that position themselves as caterers of the best products at economical prices?

A) more for the same

B) more for less

C) same for less

D) more for more

E) less for much less

Answer: B) more for less

Stores offering low-quality alternatives to luxury products at low prices most likely follow a ________ positioning strategy.

A) more-for-the-same

B) more-for-less

C) same-for-less

D) less-for-much-less

E) more-for-more

Answer: D) less-for-much-less

Which positioning strategy offers value for consumers by providing the same brands as competitors at a lower price?

A) more for the same

B) more for less

C) the same for less

D) less for much less

E) more for more

Answer: C) the same for less

Using a(n) ________ positioning strategy, companies can attack the more-for-more strategy of another firm by offering a brand of comparable quality at a lower price.

A) more-for-the-same

B) more-for-less

C) the-same-for-less

D) less-for-much-less

E) less-for-more

Answer: A) more-for-the-same

Rad, a manufacturer of luxury watches, charges a higher price for its products than its competitors. Despite the high prices, the brand is popular among customers for its quality and service in comparison to cheaper alternatives available in the market. In this case, Rad offers a(n) ________ value proposition.

A) more-for-more

B) more-for-the-same

C) more-for-less

D) all-or-nothing

E) same-for-less

Answer: A) more-for-more

A brand difference is said to be preemptive if ________.

A) competitors cannot easily copy the difference

B) buyers can afford to pay for the difference

C) the difference can be introduced profitably

D) the difference is communicable

E) the difference is beneficial to customers

Answer: A) competitors cannot easily copy the difference

Estel, a kitchen-cabinet manufacturer, positions its cabinets as furniture with superior craftsmanship and durability. This is an example of ________ differentiation.

A) product

B) services

C) image

D) people

E) channels

Answer: A) product

Customers recognize the products of Breads & Butters, a coffee shop, by identifying the "twisted bread" logo that helped the firm revolutionize its products. In this case, the firm has differentiated itself through its ________.

A) image

B) people

C) services

D) channels

E) positioning

Answer: A) image

Argonaut Food Stores, a retail giant, hires better-skilled employees than its competitors by employing strategic recruitment practices. It also conducts highly specialized training programs for its employees. In this case, Argonaut has focused on gaining a strong competitive advantage through ________ differentiation.

A) image

B) people

C) services

D) product

E) channel

Answer: B) people

Which of the following types of differentiation is used to gain competitive advantage through the way a firm designs its distribution coverage, expertise, and performance?

A) services differentiation

B) channel differentiation

C) people differentiation

D) product differentiation

E) price differentiation

Answer: B) channel differentiation

Companies are likely to gain ________ through speedy, convenient, or careful delivery of products.

A) price differentiation

B) product differentiation

C) channel differentiation

D) services differentiation

E) people differentiation

Answer: D) services differentiation

Through ________, brands can be differentiated on features, performance, or style and design.

A) people differentiation

B) channel differentiation

C) price differentiation

D) services differentiation

E) product differentiation

Answer: E) product differentiation

Marketers tailoring brands and promotions to the needs and wants of specific customer groups practice ________.

A) niche marketing

B) multi-segmented marketing

C) local marketing

D) mass marketing

E) individual marketing

Answer: C) local marketing

Which of the following is true about local marketing?

A) It does not cater to individual stores.

B) It does not support evolving technologies.

C) It increases manufacturing costs.

D) It increases economies of scale.

E) It reduces logistical issues.

Answer: C) It increases manufacturing costs.

Unlike other car rental agencies that are based in airports to serve travelers, Wheelz-On-Rent has a network of neighborhood offices. The firm strives to serve people who need car rentals for reasons other than vacation, such as when their own cars are being repaired. Wheelz-On-Rent caters to a small share of the large car rental market. From this description, it can be concluded that Wheelz-On-Rent most likely practices ________.

A) undifferentiated marketing

B) multi-segmented marketing

C) individual marketing

D) local marketing

E) concentrated marketing

Answer: D) local marketing